Swiggy
Swiggy
Consumer Discretionary F&OKey Fundamentals
MidcapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.19 times its book value
- Company has low interest coverage ratio.
- Debtor days have increased from 51.5 to 64.1 days.
- Working capital days have increased from 29.1 days to 65.5 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoSwiggy Ltd, with a market cap of ₹76,267 Cr, is a high-growth consumer internet company reporting TTM sales growth of 47% but remains loss-making with a negative PE of -20.5x and a last-year ROE of -29%. The stock has declined 34% over the past year while trading at 4.2x book value, reflecting the tension between its rapid revenue expansion and persistent unprofitability.
- TTM revenue growth of 47% demonstrates strong top-line momentum, significantly outpacing most consumer discretionary peers
- 3-year compounded sales CAGR of 41% indicates sustained structural demand rather than a one-off spike
- 5-year compounded sales CAGR of 55% highlights the company's ability to scale rapidly over a longer horizon
- Company is expected to deliver a good upcoming quarter, suggesting near-term operational improvement
- Compounded profit growth on a TTM basis at -1% shows losses are narrowing compared to prior periods, indicating a path toward breakeven
- At a market cap of ₹76,267 Cr and after a 34% stock price correction over one year, the valuation has moderated from prior peaks
- Operating in India's large and underpenetrated food delivery and quick commerce market provides a long addressable runway for growth
- Negative PE ratio of -20.5x confirms the company is still loss-making with no reported positive EPS
- Last-year ROE of -29% indicates the company is destroying shareholder equity rather than generating returns
- Stock is trading at 4.2x book value, a rich premium for a company that has yet to turn profitable
- Stock price has declined 34% over the past one year, reflecting significant erosion of investor confidence
- Debtor days have increased from 51.5 to 64.1 days, signaling deteriorating receivables collection efficiency
- Working capital days have surged from 29.1 to 65.5 days, indicating growing strain on the operating cash cycle
- Zero dividend yield with no near-term prospect of payouts given ongoing losses, offering no income cushion to investors
- Low interest coverage ratio suggests operating earnings are insufficient to comfortably service debt obligations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Flipkart Minutes overtakes Instamart stores Aug 21
CLSA data shows Flipkart Minutes now operates 627 dark stores vs Instamart's 615 across India's top 10 cities, also surpassing Instamart in pincode coverage. CLSA flagged risk of under-utilization leading to worse-than-expected EBITDA losses.
- Macquarie bearish, ₹230 target Aug 18
Macquarie maintains 'Underperform' with ₹230 target, estimating Instamart's adjusted EBITDA margin at -12.5% vs Blinkit's -0.6% in FY26, projecting Instamart remains loss-making at -7% even by FY29.
- Stock down 38% from listing peak Aug 25
Swiggy shares have fallen 38% from listing-day peak of ~₹465 to ₹287.15, down 26.37% from IPO price of ₹390. FII holdings declined to 13.96% while the stock has lost 32.50% over one year.
- MSCI index removal effective Sep 7 Sep 2
MSCI officially removed Swiggy from its Global Standard and Mid Cap indices effective September 7, 2026, triggering potential passive outflows from ETFs and global institutional portfolios.
- Expired food found at warehouse Sep 8
Health officials raided a Swiggy Instamart warehouse in Bengaluru and discovered expired food products, highlighting food safety compliance concerns in quick-commerce operations.
- Intense quick-commerce competition Aug 21
Blinkit leads with 969 dark stores, Zepto has 828, and collectively five players operate 3,536 dark stores across top 10 cities. Blinkit processed 917M orders vs Instamart's 414M in FY26.
- IOCC approval unlocks inventory model Aug 18
Shareholders approved 49.5% foreign ownership cap with 99.9996% votes in favour at August 18 AGM, clearing the path for inventory-led Instamart model expected to add 50-70 bps to margins and potentially 4-5x revenue recognition uplift.
- Q1 FY27 losses narrow, revenue surges Sep 2
Net loss narrowed 34% YoY to ₹791 crore in Q1 FY27 while revenue grew 37% YoY to ₹6,812 crore. Quick commerce contribution margin turned positive at 7.6% of GOV, up from -1.8% in Q4 FY26.
- ₹2.5L cr GOV target by FY31 Aug 18
At Capital Markets Day, Swiggy targets ~₹2.5 lakh crore consolidated GOV by FY31 (30%+ CAGR from ₹67,734 crore in FY26) and ~₹10,000 crore adjusted EBITDA by FY31.
- Lynks Logistics sold to Udaan Sep 7
Swiggy divested 100% of Lynks Logistics to Udaan via share swap valued at ~₹500 crore, exiting a lower-margin B2B distribution business (₹668 crore revenue, 2.9% of consolidated revenue) to focus on core foodtech and Instamart.
- BNP Paribas, Goldman buy ₹1,041 cr Sep 2
BNP Paribas bought 1.78 crore shares for ₹492 crore and Goldman Sachs purchased 1.98 crore shares for ₹549 crore, together acquiring a 1.36% stake at ₹276.10 per share.
- Leadership strengthened across verticals Aug 18
Swiggy appointed Himavant Kurnala as Chief Growth & Product Officer and Nitesh Garg as CTO for Instamart, and Saurav Goyal as COO for Food Marketplace, following recent CEO and CBO appointments.
- Crew launches travel at ₹999/quarter Sep 3
Swiggy's premium concierge platform Crew launched end-to-end travel services covering hotels, flights, visas, and forex with 24/7 human+AI concierge support, priced at ₹999 per quarter subscription.
- Food On Train grows 12x Aug 27
Swiggy's Food on Train service grew 12x since March 2024 launch, expanding from 66 stations to 201 stations, with Tier-2/3 city adoption rates twice as fast as metros.
- Analyst meetings scheduled in September Sep 3
Swiggy scheduled investor meetings at Citi's GEMS Conference in New York (Sep 8-9), Jefferies India Forum in Gurugram (Sep 17), and J.P. Morgan India Conference in Mumbai (Sep 21).
- Inventory model targets ~80 bps boost Aug 21
Swiggy is shifting Instamart from marketplace to inventory-led model, expecting approximately 80 bps contribution margin improvement, with transition anticipated over 2-4 quarters from Q3 FY27.
- 27 analysts consensus Buy at ₹365 Aug 25
27 analysts have a consensus Buy rating with average target of ₹365 (27% upside), ranging from ₹230 (Macquarie) to ₹520 (Bernstein), with Jefferies at ₹435 and J.P. Morgan at ₹360.
- DII stake rises, FII stake falls Aug 25
DII stake increased to 27.38% while FII holding fell to 13.96% and public shareholding moved to 53.57%, reflecting a shift toward domestic institutional ownership.
TL;DR: Swiggy secured a critical IOCC approval (99.99% votes) that unlocks the inventory-led Instamart model, with Q1 FY27 showing encouraging signs as losses narrowed 34% and quick-commerce contribution margin turned positive at 7.6%. Key risks include intensifying competition from Blinkit, Zepto, and Flipkart Minutes which has overtaken Instamart in dark store count, MSCI index removal triggering passive outflows, and Macquarie's bearish projections showing Instamart remaining deeply unprofitable through FY29. The trend is cautiously improving on fundamentals with the IOCC unlock and narrowing losses, but execution of the inventory transition over the next 2-4 quarters will be the decisive test for re-rating.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,390 | 2,763 | 3,049 | 3,046 | 3,222 | 3,601 | 3,992 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 |
| Expenses | 2,964 | 3,387 | 3,575 | 3,536 | 3,766 | 4,155 | 4,718 | 5,374 | 5,916 | 6,360 | 6,931 | 7,081 | 7,463 |
| Operating Profit | -575 | -624 | -526 | -490 | -544 | -554 | -726 | -964 | -955 | -799 | -783 | -698 | -651 |
| OPM % | -24% | -23% | -17% | -16% | -17% | -15% | -18% | -22% | -19% | -14% | -13% | -11% | -10% |
| Other Income | 119 | 87 | 78 | 73 | 75 | 82 | 107 | 121 | 87 | 59 | 86 | 266 | 211 |
| Interest | 17 | 15 | 18 | 20 | 20 | 23 | 26 | 32 | 41 | 48 | 55 | 56 | 53 |
| Depreciation | 91 | 105 | 108 | 117 | 122 | 131 | 154 | 206 | 288 | 304 | 313 | 312 | 298 |
| PBT | -564 | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -564 | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 |
| EPS in Rs | — | — | — | — | — | -62.75 | -3.57 | -4.73 | -4.8 | -4.38 | -3.86 | -2.9 | -2.87 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 | 24,904 |
| Expenses | 7,292 | 3,843 | 9,355 | 12,538 | 13,447 | 18,015 | 26,288 | 27,835 |
| Operating Profit | -3,824 | -1,296 | -3,650 | -4,273 | -2,199 | -2,788 | -3,235 | -2,931 |
| OPM % | -110% | -51% | -64% | -52% | -20% | -18% | -14% | -12% |
| Other Income | 218 | -19 | 239 | 438 | 341 | 384 | 498 | 622 |
| Interest | 85 | 75 | 48 | 58 | 71 | 101 | 200 | 212 |
| Depreciation | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 | 1,227 |
| PBT | -3,908 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,748 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -3,920 | -1,617 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,748 |
| EPS in Rs | — | — | — | — | — | -13.63 | -15.05 | -14.01 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.88 | 0.01 | 0.86 | 3 | 3 | 229 | 261 |
| Reserves | 2,966 | 1,736 | -3,296 | -6,509 | -7,785 | 9,991 | 18,053 |
| Borrowings | 89 | 93 | 16,071 | 16,162 | 16,437 | 1,702 | 2,551 |
| Other Liabilities | 1,346 | 1,086 | 1,637 | 1,624 | 1,874 | 3,283 | 4,372 |
| Total Liabilities | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
| Fixed Assets | 1,332 | 747 | 801 | 1,505 | 2,041 | 3,631 | 4,558 |
| CWIP | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 |
| Other Assets | 1,182 | 1,243 | 3,263 | 3,235 | 3,317 | 8,897 | 14,645 |
| Total Assets | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -3,841 | -1,175 | -3,900 | -4,060 | -1,313 | -2,169 | -2,898 |
| Investing | 3,195 | 1,282 | -9,160 | 3,968 | 1,472 | -1,372 | -4,983 |
| Financing | 849 | 14 | 13,634 | -172 | -123 | 3,903 | 9,397 |
| Net Cash Flow | 202 | 120 | 574 | -264 | 37 | 362 | 1,516 |
| Free Cash Flow | -4,175 | -915 | -4,128 | -4,217 | -1,657 | -2,912 | -3,809 |
| CFO/OP | 99 | 91 | 105 | 94 | 60 | 79 | 89 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 24 | 71 | 47 | 31 | 59 | 64 |
| Inventory Days | 31 | 10 | 4 | 1 | 4 | 3 | 3 |
| Days Payable | 311 | 223 | 154 | 94 | 70 | 111 | 83 |
| Cash Conversion Cycle | -268 | -189 | -79 | -46 | -35 | -48 | -16 |
| Working Capital Days | -22 | -41 | 18 | 18 | 0 | 21 | 66 |
| ROCE % | — | -57% | -48% | -37% | -24% | -29% | -24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY20–FY26.
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Company Information
Founded in 2014, Swiggy Ltd is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app.[1]
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